On 9 May 2016, the General meeting of Shareholders, in the extraordinary session, approved amendments to articles 6, 9, 10, 16, 18, 19, 21, 25, 27, 28 and 38 with the insertion of articles 6-bis, 6-ter and 6-quater of the Articles of Association, for the purpose of introducing so-called "increased voting rights" into the corporate governance, in compliance with what is permitted by art. 127-quinques of the Consolidated Law on Finance.
The introduction of increased voting rights is aimed at achieving loyalty and stability in the shareholding structure and is associated with the amendments to company law introduced by article 20 of Decree Law 91 of 24 June ("the competition decree").
The matters for which increased voting rights may be exercised are as follows:
- Appointment and removal of members of the Board of Directors and of the Board of Statutory Auditors
- Liability action against members of these bodies
- Amendments to the Articles of Association regarding majority voting
- Amendments to the obligations and limits of the shareholding of Public Entities.
The increased voting rights are attributed to the shares held by the same shareholder for at least 24 months and for which registration in a suitable list has been requested.
The request for registration may not be made directly by the shareholder, but must be made by the financial intermediary at which the shareholder maintains the securities account where the IREN shares are deposited.
Last update 01/02/2019